Ghana Business News

Follow the latest Ghana business and economy news: the cedi, inflation, companies, banking, and trade. Coverage is curated from Ghana's leading newsrooms and kept current through the day, newest first.

A portrait of Leandro Medina, the IMF Resident Representative to Ghana, appearing to speak during an interview or formal briefing. He is wearing a professional dark suit and a blue tie with red polka dots, with a green potted plant visible in the background.
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GOIL PLC Reduces Fuel Prices to Alleviate Transportation Costs in Ghana

GOIL PLC has announced a significant reduction in fuel prices at 150 of its 447 outlets across Ghana, aiming to ease transportation costs for citizens. The new prices are set at GH¢9.99 per litre for petrol (PMS) and GH¢11.21 per litre for diesel (AGO), marking the first return to single-digit petrol prices in nearly a decade. This initiative targets strategically selected stations near commercial vehicle terminals to benefit public transport operators and traders, reflecting GOIL's commitment to supporting national development amidst improving economic conditions. The company emphasizes that these reductions are part of broader socio-economic objectives, encouraging citizens, especially transport operators, to take advantage of the lower prices to support their operations and contribute to economic recovery. GOIL's pricing strategy is attributed to the positive impact of government policies under President John Dramani Mahama, which have fostered stability and growth in the economy.

A portrait of Ghanaian politician Cassiel Ato Forson, seen wearing a dark suit, white shirt, and a red patterned tie. He is seated in a black office chair and looking directly at the camera with a serious and professional expression.
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Ghana's Economic Resilience: IMF Reports Strong Performance and Future Optimism

Ghana's economic performance in 2025 has exceeded expectations, as confirmed by Dr. Adrian Alter, the IMF Resident Representative. Following the successful completion of the fifth review under the Extended Credit Facility (ECF), the IMF Executive Board approved disbursements totaling approximately $2.8 billion, indicating confidence in Ghana's economic recovery. Key improvements in inflation, economic growth, and currency stability were noted, alongside advancements in debt restructuring efforts. Dr. Alter emphasized that all performance criteria were met, reflecting effective policy implementation despite public skepticism regarding the programme's effectiveness. The IMF's positive outlook is attributed to the government's commitment to fiscal discipline and strategic macroeconomic policies. Dr. Alter highlighted that 2025 is expected to be a strong year for Ghana, driven by coordinated efforts to stabilize the economy and enhance fiscal oversight. The Bank of Ghana's role in maintaining currency stability and improvements to the Fiscal Responsibility framework were also recognized as critical factors contributing to this optimistic assessment. In a related development, GOIL PLC has responded to improving economic conditions by reducing fuel prices at 150 of its outlets across Ghana. Petrol prices have returned to single digits at GH¢9.99 per litre, while diesel is priced at GH¢11.21 per litre, aimed at easing transportation costs and supporting socio-economic objectives. This move is expected to help lower transport fares and food prices, further contributing to the overall economic relief for Ghanaians. Overall, the IMF's assessment underscores Ghana's resilience and the effectiveness of its economic policies, paving the way for sustained recovery and growth in the coming years.

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Intense Price Competition in Ghana's Petroleum Sector Benefits Consumers

The Chamber of Petroleum Consumers (COPEC) anticipates that the ongoing price competition among oil marketing companies (OMCs) in Ghana's downstream petroleum sector will continue into January's second pricing window. This follows significant price cuts initiated by major players such as Star Oil, GOIL, Shell, and TotalEnergies, which have led to reductions in petrol prices to GH¢10.56 per litre and diesel prices to GH¢11.56 per litre. COPEC's Executive Secretary, Duncan Amoah, emphasized that this price war is advantageous for consumers, alleviating previous concerns regarding potential collusion among OMCs in a deregulated market. The competitive pricing trend reflects a growing sensitivity among consumers and OMCs alike, with COPEC advocating for sustained competition to ensure affordability and consumer welfare across the nation. The organization hopes that these favorable pricing adjustments will persist, ultimately benefiting consumers throughout Ghana.

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Ghana Reports Significant Decline in Cost of Living Due to Fuel and Import Price Cuts

Ghana has recorded a notable decline in the cost of living, attributed primarily to reductions in fuel prices and import costs, according to Felix Kwakye Ofosu, the Minister of State in charge of Government Communications. Speaking at a recent Government Accountability Series event, Ofosu highlighted that these changes have positively impacted households, making daily expenses more manageable. He urged citizens to acknowledge the tangible improvements in their lives, particularly in relation to lower fuel prices. Despite these advancements, he recognized ongoing structural challenges in balancing imports and exports. Nevertheless, Ofosu reaffirmed the government's commitment to sustaining these economic gains and striving for long-term stability and growth in the economy.

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Ghana's Economic Growth at 3.8%: Risks and Opportunities Ahead

Ghana's economy recorded a growth rate of 3.8% in October 2025, according to Government Statistician Dr. Alhassan Iddrisu. However, he warns that several underlying risks could impede future economic expansion. Key areas of concern include inflation, foreign exchange volatility, and energy supply stability, all of which are critical for maintaining investor confidence and fostering sustainable growth. Dr. Iddrisu emphasizes that unpredictable inflation and fluctuating currency rates can weaken business productivity and economic stability. He highlights the energy sector's vital role in supporting production, cautioning that disruptions could adversely affect GDP growth. To mitigate these risks, he advises the government to bolster industrial productivity and encourages businesses to explore opportunities in manufacturing and digital services. Additionally, he urges households to prepare for potential economic fluctuations and make informed financial decisions. Overall, while the growth figure is promising, addressing these challenges will be essential for Ghana's economic resilience and future prosperity.

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Ghana's Trade Minister Advocates for Concrete Investments with China

Ghana's Trade Minister, Elizabeth Ofosu-Adjare, reaffirmed the country's commitment to attracting actionable investments during a recent meeting with a delegation of Chinese investors in Accra. This engagement, which follows high-level discussions at the China–Africa Summit, aims to translate dialogue into tangible partnerships, particularly in sectors such as trade, agribusiness, and manufacturing. Ofosu-Adjare emphasized Ghana's vast economic potential and the government's dedication to value addition in trade. She assured the Chinese investors of a supportive framework from various state agencies, designed to facilitate smooth business operations and encourage joint ventures with local enterprises. The head of the Chinese delegation, Ms. Hua Yan, expressed confidence in Ghana's economic prospects and a strong desire for practical cooperation, highlighting the importance of immediate investments. The meeting included technical presentations from key agencies, providing insights into the investment process and collaboration opportunities, reinforcing optimism for future partnerships between Ghana and China.

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Ghana Courts Japanese Investment Amid Economic Recovery and Strategic Trade Opportunities

Ghana is actively seeking to attract increased investment from Japan, highlighting its improved macroeconomic conditions, including single-digit inflation and a stable exchange rate. During a recent meeting with a high-level Japanese delegation led by State Minister Dr. Kunimitsu Ayano, Trade Minister Elizabeth Ofosu-Adjare emphasized Ghana's strategic role as the host of the African Continental Free Trade Area (AfCFTA), positioning the country as a gateway to a larger market of 1.3 billion people across Africa. Ofosu-Adjare noted the successful performance of existing Japanese businesses in Ghana and expressed confidence in ongoing economic reforms that are expected to enhance the investment climate further. The Minister encouraged Japanese investors to consider Ghana as a prime destination for investment, particularly in sectors such as manufacturing, infrastructure, and micro, small, and medium enterprises (MSMEs). The Japanese delegation reaffirmed its commitment to supporting Ghana's economic transformation and expressed interest in expanding business ventures within the country. This collaboration underscores the enduring partnership between Ghana and Japan, aimed at fostering sustainable economic growth and development.

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Ghana's Job Market Shows Signs of Recovery with Increased Vacancies and Contributions

Data from the Bank of Ghana reveals a notable recovery in Ghana's labor market as of October 2025. The number of job vacancies has risen to 3,248, marking a 14% increase year-on-year and a 14.7% increase from September. While the total number of advertised jobs for the first ten months of 2025 remains similar to the previous year at 30,185, the recent uptick in job postings suggests growing employer confidence amid improving economic conditions. Additionally, contributions to the SSNIT Pension Scheme surged to GH¢527.17 million, reflecting a 14.5% year-on-year increase, with active contributors rising to 1,089,332. Despite the persistent high unemployment rates, these trends indicate a potential for sustainable job creation as the economy continues to recover. However, questions linger regarding the sustainability of this growth into 2026, particularly concerning the genuineness of job creation versus mere optimism.

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Ghanaian Businesses Reject Mobile Money Payments Amid Rising Fraud Concerns

In Ghana, a growing number of businesses are rejecting mobile money payments due to a surge in fraudulent activities. Business owners report alarming incidents of fake payment alerts, transaction reversals, and insider scams, leading to significant financial losses. This trend has left consumers frustrated, as many rely on mobile money for convenience, while cash transactions pose increased risks of theft. Mobile network operators are responding to these concerns by enhancing security measures and providing education on fraud prevention to businesses. Abdul-Majeed Rufai, Senior Manager at Fintech, has emphasized the importance of safeguarding account credentials and adhering to security protocols. He advises businesses to avoid sharing transaction details and to report any suspicious activities promptly. Until confidence in mobile money transactions is restored, many businesses are weighing the convenience of these payments against the potential risks associated with fraud.

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Dr. Assibey-Yeboah Critiques Overvaluation of Ghana Cedi, Urges Policy Shift for Economic Growth

Dr. Mark Assibey-Yeboah, former MP for New Juaben South, has raised concerns over the overvaluation of the Ghana cedi, asserting that it is detrimental to exporters and state revenue agencies. In a recent interview, he highlighted the adverse effects on key institutions such as the Ghana Cocoa Board (COCOBOD) and the Ghana Revenue Authority (GRA), which are struggling under the current exchange rate. Assibey-Yeboah noted that while the strength of the cedi is not artificially inflated, it exceeds an optimal level for economic performance, which could deter tourism and hinder growth. He criticized the government's focus on maintaining exchange rate stability without fostering genuine economic growth, pointing out that Ghana's growth rate of 4.1% is among the lowest in West Africa, trailing behind Nigeria's 3.9%. He called for a strategic shift in policy that prioritizes economic growth and job creation over mere currency stability, emphasizing the need for a more balanced approach to economic management.

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Ghana's Trade Minister Engages Chinese Investors for Concrete Economic Partnerships

On January 13, 2026, Ghana's Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, met with a delegation of Chinese investors led by Ms. Hua Yan to discuss actionable partnerships aimed at enhancing bilateral trade and investment. The Minister emphasized Ghana's readiness for tangible investments, moving beyond discussions to concrete collaborations in sectors such as agribusiness and industrial manufacturing. Ofosu-Adjare highlighted the importance of value addition in Ghana's economic strategy and assured the Chinese delegation of robust support from key Ghanaian state agencies to facilitate business operations. The meeting aimed to deepen Ghana-China economic relations, following high-level discussions at the recent China-Africa Summit. The engagement included technical presentations from various investment agencies, outlining processes and opportunities for investors in Ghana. Ms. Hua expressed confidence in Ghana's economic potential and eagerness to explore practical cooperation, marking a significant step towards fostering mutually beneficial partnerships between the two nations.

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World Bank Projects Global Growth to Stabilize at 2.6% by 2026 Amid Challenges

The World Bank's latest Global Economic Prospects report highlights a resilient global economy, projecting growth to stabilize at 2.6% in 2026, supported by strong performances in major economies, particularly the United States. Despite this positive outlook, the report warns that the 2020s could become the weakest decade for global growth since the 1960s, exacerbating inequality between advanced and developing nations. Many developing countries are still struggling to recover to pre-pandemic income levels, with a significant portion expected to remain poorer than in 2019. The report emphasizes the need for substantial reforms in developing economies to enhance trade, investment, and public finance management, particularly as public debt levels reach historic highs. It also stresses the importance of fiscal sustainability and well-designed fiscal rules to stabilize debt and improve public finances, especially in light of rising unemployment and challenges in the youth job market. In a related development, the Bank of Ghana reported a notable increase in the labor market, with job vacancies rising to 3,248 in October 2025, marking a 14% year-on-year increase. This growth in job postings indicates an expanding private sector and improved economic conditions in Ghana, although high unemployment remains a concern. The total contributions to the SSNIT Pension Scheme also saw a 14.5% annual increase, suggesting a positive trend in employment and economic activity.